Firm pledges $13m SMEs support fund for N’Delta

By Egufe Yafugborhi
PORT HAR-COURT—EQUITY financing investors, Grofin, Thursday declared $13 million fund to support Small and Medium Enterprises, SMEs, development in the Niger Delta, challenging any serious minded entrepreneur in the region t be part of the opportunity.

SMEs returns

Friday Essienenkak, Investment Executive, Grofin, at a stakeholders’ sensitisation in Port Harcourt, Rivers State, said access qualification for prospective SME developers fund is devoid of collateral and choking interests as obtained in the banks.

Essienenkak said: “The Nigerian banking system is not structured to support SMEs with the demanding interests and overbearing collaterals which investors, especially those requiring startup capital can’t contend with.

“As we speak, we have $13 million equity to release to SMEs drivers of between $100,000 and $1.5 million for those who are focused on developing businesses that will create growth opportunities and values like generating more employment and repay dutifully till we exit our investment.”

Existing beneficiaries including Dr. Maraizu Uche of Palm Nectar Breweries shared testimonies of how Grofin, managers of Aspire fund, has helped in wiping the challenge of sourcing funding support to grow their businesses.